Altair Announces Fourth Quarter and Full Year 2021 Financial Results

*        Amounts include stock-based compensation expense as follows (in thousands):

  (Unaudited) 
   Three Months Ended
December 31,
   Twelve Months Ended
December 31,
 
   2021   2020   2021   2020 
Cost of revenue-software $1,828  $871  $5,619  $2,473 
Research and development  5,338   2,686   16,561   8,372 
Sales and marketing  4,244   2,474   15,044   6,423 
General and administrative  1,910   1,385   7,325   4,087 
Total stock-based compensation expense $13,320  $7,416  $44,549  $21,355 


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)

   Year Ended December 31, 
(in thousands)  2021   2020  
OPERATING ACTIVITIES:                
Net loss   $ (8,794 )   $ (10,500 )
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization     25,644       23,806  
Provision for credit loss     514       1,259  
Amortization of debt discount and issuance costs     11,428       10,829  
Stock-based compensation expense     44,549       21,355  
Deferred income taxes     (1,502 )     (10,350 )
Other, net     757       118  
Changes in assets and liabilities:                
Accounts receivable     (15,645 )     (11,032 )
Prepaid expenses and other current assets     (9,026 )     (2,131 )
Other long-term assets     (6,682 )     (4,527 )
Accounts payable     (3,857 )     (1,839 )
Accrued compensation and benefits     7,761       1,985  
Other accrued expenses and current liabilities     6,365       5,629  
Deferred revenue     10,111       8,280  
Net cash provided by operating activities     61,623       32,882  
INVESTING ACTIVITIES:                
Payments for acquisition of businesses, net of cash acquired     (53,983 )     (41,028 )
Capital expenditures     (7,849 )     (6,093 )
Payments for acquisition of developed technology     (344 )     (2,133 )
Other investing activities, net     (306 )     162  
Net cash used in investing activities     (62,482 )     (49,092 )
FINANCING ACTIVITIES:                
Proceeds from private placement of common stock     200,000        
Payments on revolving commitment     (30,000 )      
Proceeds from employee stock purchase plan contributions     4,222        
Proceeds from the exercise of common stock options     2,262       1,710  
Borrowings under revolving commitment           30,000  
Other financing activities     (537 )     (460 )
Net cash provided by financing activities     175,947       31,250  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (2,623 )     3,010  
Net increase in cash, cash equivalents and restricted cash     172,465       18,050  
Cash, cash equivalents and restricted cash at beginning of year     241,547       223,497  
Cash, cash equivalents and restricted cash at end of period   $ 414,012     $ 241,547  
Supplemental disclosures of cash flow:                
Interest paid   $ 633     $ 731  
Income taxes paid   $ 9,168     $ 12,666  
Supplemental disclosure of non-cash investing and financing activities:                
Issuance of common stock in connection with acquisitions   $ 3,690     $ 3,504  
Promissory notes issued and deferred payment obligations for acquisitions   $ 86,936     $ 1,266  
Finance leases   $ 9     $ 118  
Property and equipment in accounts payable and other current liabilities   $ 1,056     $ 1,671  
                 

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